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South Korea's 2014 Rice Production Forecast Stable

09 June 2014

SOUTH KOREA - Planting of the 2014 rice crop has just started and is expected to continue until June.

Early indications show that the area planted is to remain similar to last year’s level. Assuming normal weather and about average yields, FAO tentatively forecasts this year’s production at 5.7 million tonnes.

The area planted to paddy has been declining since early 2000 and particularly in recent years, as farmers shifted to more profitable crops and more land was converted to other uses. In addition to rice, small quantities of barley, maize and other cereals are produced.

Cereal imports forecast to increase slightly in the 2013/14 marketing year (October/September)

Total cereal imports in the 2013/14 marketing year (October/September) are forecast at 14.1 million tonnes, slightly above last year’s high level. Reduced quantities of wheat and maize (for feed) are produced domestically, hence large volumes of wheat 4.5 million tonnes and about nine million tonnes of maize are imported annually. Limited rice imports of about 450,000 tonnes are forecast in 2014.

The country enjoys relatively low inflation and high economic growth. The latest available official data indicate that the year-on-year Consumer Price Index (CPI) increased by 1.5 per cent in April 2014.

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